Monetary tensions ease as Rome meets on world finance
At a Finance Ministers' meeting of the ten richest non-Communist nations in Rome, a shift toward compromise in the international monetary crisis surfaces after months of mutual reproach between the United States and its partners. Washington pressed for currency adjustments to curb deficits and boost exports amid debate over shared defense costs.
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United States Signals Devaluation Possibility in Talks
The United States opened devaluation discussion with no offers or commitments, marking the first time since the crisis began that devaluation figures were on the table. Secretary Connally described negotiations as nuts and bolts to secure a realignment package for a dollar advantage in world markets. France and its partners had pressed for this outcome and gained a victory in the talks.
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